How do we assist real estate purchasers?
There typically is NO CHARGE for purchasers to be represented by a licensed agent! In most Georgia real estate transactions, all Realtor fees and commissions are paid by the seller. Also, as licensed agents, we can show you any properties in the state of Georgia, even if the properties are listed by another agency!
We have agents on staff and eager to assist!!! Whether you are a first time purchaser or a seasoned veteran looking for a home, land or investment property, we can help make your transaction flow smoothly and end successfully.
For most buyers, a typical real estate transaction from start to finish includes the following:
GETTING CONNECTED WITH A GOOD LENDER. Unless you will be paying cash, this is probably the most important step!It is crucial that you speak to a good and reputable lender prior to even starting your search as there is little worse than finding the home of your dreams and losing it to another buyer because the seller would not accept your offer without a prequalification letter (just one example).A good lender will gladly sit down with you IN ADVANCE to discuss your intentions, gather information, and explain the various types of financing options that may be available to you.They can let you know what interest rate to expect, how much money you may need for a down payment, what you can expect your monthly payments to be a various price points, how much money you may need at settlement to cover closing costs, etc.Furthermore, once you have decided on the type of financing that you would like to pursue and once the lender has prequalified you for the loan, they can issue you a prequalification letter (also referred to as “preapproval letter”) that we will need when it is time to make an offer.
LOCATING THE RIGHT PROPERTY. Once prequalified, the green light is on and it’s time to start the hunt!With today’s technology, most active listings can now be previewed on the internet.However, there are many sources of false or outdated information, subscription based web sites (ask a professional before purchasing any of these) and even cyber scammers so please be careful.As professional s in the industry, we can easily assist with your search simply by discussing your wants and needs and scheduling appointments to view the properties of interest when it is convenient for you!
NEGOTIATING AN OFFER. Now that we have personally seen all of the properties that you were interested in and narrowed it all down, it is time to start negotiating!We will be your source of expert information as well as your guide through the entire negotiation process to ensure that you are only making informed decisions.This process will include gathering specific information about the property, reviewing market trends, drafting and reviewing contract documents, communicating with the seller’s agent(s), etc.Ultimately, once the negotiations are over and the dust has settled, you will have a binding contract to purchase your new property!
DUE DILIGENCE. Now that you have a contract, assuming that it includes a due diligence or inspection period, we can start making sure that you are 100% satisfied with your decision.The due diligence period of the contract is typically a specified length of time during which you, as the purchaser, can elect to have the property inspected to potentially uncover any unforeseen underlying issues.Also during this period we can examine any covenants, restrictions, ordinances, easements, boundary lines, etc to make certain that the property conforms to your expectations.If, during this period, you are not satisfied with the findings, we can either elect to terminate the contract or renegotiate the terms.
PROCEEDING TOWARD CLOSING. Once the due diligence or inspection period has passed and you are satisfied with your decision, we can instruct the lender to begin ordering all of the necessary components that they will need to issue your financing (assuming that you are not paying cash).These components will typically include a certified appraisal and a title search from the attorney that has been elected to close the transaction.Some other potential components may include a termite clearance letter, a road maintenance agreement if the property is accessed by a private road, a water quality test if water is provided by a well and a septic inspection if there is a septic tank located on the property.Once the lender has sufficient information regarding the property as well as your personal financials, they can submit everything to their underwriters for loan approval and a clear to close.
CLOSING. Typically in Georgia the closing attorney will be chosen by the purchaser during negotiation of the offer and will be representing either the purchaser (if cash) or the lender (if financed).Assuming a financed transaction, once the lender has been issued a clear to close by their underwriters, they will prepare a loan package which will be sent to the closing attorney.The closing attorney will then prepare a settlement statement (also referred to as a HUD) which will itemize all credits and debits associated with the transaction for all parties to review and approve.This document will also state a total monetary amount due from you, as the purchaser.In some instances, this total amount can actually be a credit due to you depending on the type of loan that you selected, what items that you paid outside of closing and any seller concessions or contributions that were negotiated in the contract.Once all of the closing and loan documents are signed and funds have been exchanged, you will be the new property owner!
As detailed and complicated as purchasing a new property may sound, it can be easy and painless! A good team of real estate professionals can guide you through the entire process making it smooth and efficient.
If you have any questions about how the purchase process works, call or email us now. We will be glad to explain the process and assist with your specific needs!